NYSE: CLOSED
TSE: CLOSED
LSE: CLOSED
HKE: CLOSED
NSE: CLOSED
BM&F: CLOSED
ASX: CLOSED
FWB: CLOSED
MOEX: CLOSED
JSE: CLOSED
DIFX: CLOSED
SSE: CLOSED
NZSX: CLOSED
TSX: CLOSED
SGX: CLOSED
NYSE: CLOSED
TSE: CLOSED
LSE: CLOSED
HKE: CLOSED
NSE: CLOSED
BM&F: CLOSED
ASX: CLOSED
FWB: CLOSED
MOEX: CLOSED
JSE: CLOSED
DIFX: CLOSED
SSE: CLOSED
NZSX: CLOSED
TSX: CLOSED
SGX: CLOSED

Bonterra Resources

Crux Investor Index
5
i
Market Cap (USD)
32379706
Symbol
TSXV:BTR
Stage of development
Exploration
Primary COMMODITY
Gold
Additional commodities
No items found.

Bonterra Resources Company Overview

Bonterra Resources is a Canadian gold exploration and development company with a large portfolio of exploration and mining assets including the Gladiator, Barry, Bachelor and Moroy deposits, the Bachelor Mill, and multiple highly prospective exploration prospects. Bonterra controls the only permitted gold mill in the region with a large land position of over 38,000 hectares, located in the mining-friendly province of Quebec, within the Abitibi Greenstone Belt. 

The Company has over 3 million ounces of gold resources across all categories mainly in the Urban-Barry camp next by the Windfall gold project.

Article

Bonterra Resources Analyst Notes

No analyst notes

Opportunity

Bonterra is expected to benefit from the C$1.2B investment by Gold Fields in the construction of the Windfall gold project. Bonterra believes that the synergies between the new infrastructure that is expected to be put in place, including a new hydroelectric powerline and processing plant, would make the Barry project feasible as both a standalone or on a toll milling basis at current gold prices. It would be the same with the Gladiator project, which requires more exploration and an exploration ramp underground to facilitate diamond drilling activities.

Also, the Company remains committed to continuing to explore the Urban-Barry and the Bachelor camps where several million ounces of gold have already been discovered to date.

Summary

Bonterra is a junior exploration and development Company located in a very strategic area named the Urban-Barry camp which contains nearly 10 million ounces of gold, including the Windfall gold project. Recently a C$1.2B investment was announced by Gold Fields to form a joint venture with Osisko Mining in the development of the Windfall gold project toward production. Significant infrastructure, like a new hydroelectric power line and a processing plant, will be built in the next few years near Bonterra’s key assets. Bonterra believes those investments could benefit the development of the Barry and Gladiator deposits by reducing the energy and transportation costs. 

Bonterra is well positioned in the Urban-Barry camp with two key projects: the Barry and Gladiator deposits which contain over 1 million ounces of Measured and Indicated Mineral resources and 1.7 million ounces of Inferred Mineral resources combined. The camp remains underexplored, and the Company has several very promising exploration targets.

Bonterra renewed its focus on regional exploration in 2023, including the exploration of the Duke property where Bonterra and Osisko work in a 70/30 joint venture partnership. Also, the Company intends to continue developing its advanced projects further and eventually into a production decision. As part of the renewed focus on exploration, work is expected to commence near the Company’s Bachelor Mill Complex, where a discovery near the mill would merit the review of a production restart.

Management Team

Growth Strategy

Charts

Details

Turnaround story

On May 2, 2023, Gold Fields, a major gold producer based in South-Africa, acquired 50% of the Windfall gold project following an initial cash payment of C$300M and a deferred cash payment of C$300M once all mining and construction permits are in hand. 

Gold Fields will fund 50% of pre-construction costs (provisional budget estimated at C$250 million) and construction costs (feasibility capital expenditure estimated at C$789 million) for an estimated additional total of C$520 million. 

The investment will enable the construction of the Windfall gold project, which could benefit the Barry and the Gladiators deposits. Indeed, important new infrastructure, like a hydroelectric power line and a processing plant, could directly benefit Bonterra’s projects.

In addition, Gold Fields agreed to fund regional exploration for up to C$75 million over the next seven years in the Urban-Barry camp. Bonterra has two advanced projects in the Urban-Barry camp that could accelerate the growth of the new gold mining camp. 

In addition, Bonterra controls 22,500 hectares in the Urban-Barry camp, which remain relatively underexplored and contain several high-grade prospects.

Exploration potential

The Barry deposit contains over 2,100 ounces of gold per vertical metre (at 650 m depth) and remains open at depth and along strike. Recent diamond drilling results demonstrate strong potential for continued growth at depth.

At the Gladiator deposit, total mineral resources across all categories add up to over 1.4 million ounces of gold. The Company is working on the design and permitting of an underground exploration ramp to better explore the deposit at depth. 

The Urban-Barry camp remains underexplored, and the Company has identified many drill prospects at the Company’s Duke, Panache and Coliseum properties.

Financial Overview

Shareholder Breakdown

Risk Factors and Mitigation

The most significant risk to advancing Bonterra is the difficulty in obtaining financing, which would delay the exploration of the Urban-Barry and Bachelor properties. Also, the current forest fires have already delayed exploration activity during the important summer drilling season.

Conclusion